CapitaLand inks deal with Mitsubishi, SECOM

The agreements if for the development of 190-unit Parkhouse Nishi- Azabu Residence in Japan.

In a release, CapitaLand Limited (CapitaLand) is pleased to announce today that it has signed a joint venture (JV) agreement with Mitsubishi Jisho Residence Co., Ltd. (MJR) and SECOM Home Life Co., Ltd (SECOM) for the joint develop ment of The Parkhouse Nishi- Azabu Residence, a 190-unit residential project located in Minato Ward, Tokyo, Japan.

MJR is a wholly-owned subsidiary of Mitsubishi Estate Co., Ltd. (MEC) while SECOM is a wholly-owned subsidiary of SECOM. Under the JV agreement, CapitaLand’s share of investment in the project is 20% while MJR’s share is 70% and SECOM owns the remaining 10%. Planned for official launch in Q4 2012, construction has begun and is targeted for completion by Q2 2014. The 24-storey building when completed will be the tallest residential building in the Nishi-Azabu area in Minato ward. 

Mr Chong Lit Cheong, CEO of CapitaLand Commercial Limited said, “CapitaLand is pleased to be a partner of MEC for The Parkhouse Nishi-Azabu Residence development in Azabu, our second collaboration in Tokyo, Japan after The Parkhouse Shinjuku Tower. MEC is also our strategic partner outside of Japan, with three ongoing joint ventures in Singapore and Vietnam. In Singapore, MEC holds a 25% joint venture stake in Sky Habitat, our iconic residential development in Bishan central, and a 10% joint venture stake in CapitaGreen, our latest Grade A office development in the Central Business District. The repeated collaboration into each other’s development projects reinforces the good relationship between both parties and demonstrates CapitaLand’s belief in developing long term relationships with its key partners.”